Why the adoption of private talent pool is on the rise

Temporary workers, freelancers and the external workforce are nothing new. Businesses have been using the external workforce to fulfil their talent needs for decades and this is a trend that is on the rise. In fact, 60% of firms are predicted to increase the number of contingent talent in their workforce within the next 3 year. However, up until recently, this has been conducted through talent pools that are managed outside of the business. These have been traditionally managed by an MSP and sourced from a staffing agency managed pool that has little to no connection with your business. This no longer has to be the case.

What comes next?

Businesses are now turning to private internal talent pools in order to quickly and efficiently meet their talent needs. These talent pools are otherwise known as direct sourcing. These pools allow businesses to leverage talent that has already come into contact with their business. This means they already know your brand and want to work for you. This could be comprised of workers who have finished their current contract with your business, retirees or even those workers who were unsuccessful at their first attempt to apply to your business. Crucially, internal talent pools offer organizations the chance to maintain and deploy workers without the need for an external partner.

Why should I care?

But if you already operate a successful program for temporary workers why should internal talent pools matter to you? Indeed, statistics from the US Bureau of Labor Statistics in June 2022 show that there was over 16 million self-employed workers in the US alone. Creating an internal talent pool will bring a number of significant benefits to the talent management within your business.

Compliance becomes easier

Firstly, it will become easier for organizations to meet the compliance needs of hiring new workers. With internal talent polls, all of the potential candidates can be pre-vetted for deployment into your business. This not only includes the legal necessities of hiring but also your individual attitudes and values, ensuring that the candidates already know the ins and outs of your business and its vision.

Filling vacancies faster

This leads to the second key benefit which is the ability to fill vacancies faster. With all of the compliance needs already fulfilled, candidates sourced from an internal talent pool can be deployed within your business much quicker than those who are externally sourced. They will most likely have already completed all of the onboarding tasks necessary for hiring. This offers business is the chance to have a dedicated stream of talent that is able to be instantly deployed to your workforce.

Accessing a global workforce

This new stream of talent does not have to be confined by location. While external talent pools managed by an external partner does offer organizations the chance to recruit globally, it also brings compliance and onboarding pains that an overseas workforce has. Managing a global external workforce requires a thorough knowledge of compliance requirements across multiple regions. Internal talent polls do not necessarily eliminate these pains, but they do vastly reduce the frequency of them. Instead of having to go through the hiring process with each new overseas candidate, and internal talent pool of global candidates means that this process only needs to be completed once. This greatly reduces the time to hire and increases the viability of having a global workforce for businesses.

Where do you begin?

So, where do you begin? Operating a private internal talent pool may seem daunting at first to executives that have previously relied upon external partners to manage their external workforce. However, this doesn’t need to be the case. Technology providers, such as USTech Solutions, offer tailored technology platforms for businesses to deploy and manage internal talent pool. This can be implemented at a variety of levels including a completely managed direct sourcing solution that can include employer of record services, further reducing the compliance and administrative pains all the external workforce.

Having an internal talent pool to draw upon is a win-win for both candidates and organizations. It means that candidates who are already interested in and connected with your business have an easier route into your workforce. Similarly organizations are able to develop an instant and on-demand stream of talent that completely deployed much faster and with far fewer compliant headaches than in external pool. This means that the emotional framework between worker and business can pre-exist any working relationship.